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EUR/USD

EUR/USD - 08.07.2014

EURUSD currently trading at 1.3611, up 0.06% for the day, raising for the second day in a row and recovering further after bottomed yesterday at 1.3574, the lowest price in a week.
Technically, The Euro is recovering against the US dollar after finding support around the key area located at 1.3375. But still facing some downside pressure.
Above 1.3600 the next short term resistance with relevance lies around 1.3640 and 1.3650.
Trend overall looking slightly bearish.

EUR/USD during the recent Days could descend without reformation and record the Bottom price of 1.34374.Right now price in long term time frames such as monthly and weekly is under 5-day moving average which shows the downtrend. Currently The Price has passed the Up trendline made of 2 bottom prices and with being under 5-day moving average warns about more descending.
As it is obvious in the picture below, there is an AB=CD harmonic pattern between the bottom price of 1.20496 and the top price of 1.39920 with none- ideal ratios of 50 to 127.2 that warns about descending of price from the D point of this pattern.Stoch indicator in monthly and weekly time frames shows the possibility of descending of the price according to the next cycle.Sellers in midterm outlook try to get the supportive level of 1.34000 and for the next stage, the important level of 1.33500 and these two supportive levels are the possible targets of price downfall.

EUR/USD in recent weeks, has been experienced many reformation with a gradual Downward trend that Sellers under price decreases obtained the lowest price of 1.32363.Currently in long-term time frames such as monthly / weekly and daily price is under the 5-day moving average which implies consistent downtrend with potential of further decreases in price during the next candles.As it is obvious in the picture below, price during the descending has touched the Support line (made of 3 bottom prices) has created the one bullish candle. Closing another of the bullish candle after this bottom will confirm it and warns about ascending of price.

According to the formed movements in Daily time frame, between the top price of 1.39915 and bottom price of 1.32363 there is AB=CD harmonic pattern with ideal ratios of 38.2 and 224.2 that by completion of the D point in this pattern, there is warning for ascending of the price. RSI indicator in Daily time frame is in saturation sell area and according to the next cycle confirms the D point of this pattern and warns about the potential of ascending during the next candles( because of not being in the same direction with long term time frame it is not much valid). According to the current condition of price, the first warning for ascending of price is breaking of the resistance level of 1.32959.

Market Analysis and News.

Date : 1st September 2014

EURUSD TRADING NEAR ITS FRIDAY’S CLOSE. GERMAN FINAL GDP CAME OUT AS EXPECTED.

EURUSD dropped sharply on Friday and closed at 1.3131. The Unemployment Rate in the Euro area remained at 11.5 percent in July. The Retail Sales in Germany fell 1.4 percent on a monthly basis in July. Data from the United States revealed that the Consumer Sentiment Index rose to a level of 82.5 in July marking its 7 year high level. The biggest surprise on the market was the Chicago Fed PMI which came out at a reading of 64.3 in August. Market had expected a rise to a reading of 56.0.

Data released today indicated that the German Final GDP data came out in line with the market expectations at a reading of -0.2 percent.

The US banks will be closed today due to the observance of the Labor Day.

Support for the EURUSD is seen at 1.3118 and resistance is seen at 1.3217.

EURUSD TRADING NEAR ITS FRIDAY’S CLOSE. GERMAN FINAL GDP CAME OUT AS EXPECTED.

EURUSD rose yesterday and closed at 1.3127. The final release of the GDP for the second quarter in Germany showed a contraction to -0.2 percent in line with the market expectations. The Eurozone Final Manufacturing PMI contracted to a reading of 50.7 in August. The Spanish and Italian Manufacturing PMI also recorded a drop coming at readings of 52.8 and 49.8 accordingly. Prospects of potential further sanctions by the European Union leaders against Russia also flooded the market and pressurized the single European currency.

Data released today indicated that the Producer Price Index dropped -0.1 percent on a
monthly basis in July.

Investors are now looking forward for the US ISM Manufacturing PMI due later today.

Support for the EURUSD is seen at 1.3109 and resistance is seen at 1.3191.